Italy's Debt Problem Sinks Stocks


Concerns that Italy may face a serious debt problem sank the markets during the midday with the Dow plunging 151 points 12,360. Nasdaq stumbled 46 points to 2756.

On the upside

TheStreet senior columnist Adam Feuerstein on Friday affirmed his opinion that Biosante Pharmaceuticals' (NYSE: BPAX) female sexual dysfunction treatment Libigel is safe and effective.

Bain Capital Partners affiliate Amber Parent will pay approximately $265.5 million in cash to acquire China Fire & Security Group (Nasdaq: CFSG).

Charming Shoppes (Nasdaq: CHRS) retained the services of Moelis & Co. to explore the possible sale of the company's Fashion Bug stores.

On the downside

Copper production output tumbled 17% at Freeport McMoRan's (NYSE: FCX) Grasberg mine in the first quarter. 

Citigroup (NYSE: C) named former PricewaterhouseCoopers chief executive Samuel Di Piazza Jr. to the position of vice chairman of institutional clients group but the stock price fell.

Bank of America (NYSE: BAC) received a license from the Central Bank of Brazil to offer corporate and investment banking services in Brazil but the stock price dropped.

In the broad market, declining issues outpaced advancers by margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 815.

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This page contains a single entry by published on May 23, 2011 10:08 AM.

Markets Sink At Open On European Debt Concerns was the previous entry in this blog.

China's Oil Consumption Drops, Markets Tumble is the next entry in this blog.

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